14-year term + misaligned structure, people leave but the tea doesn't cool, the Federal Reserve's institutional design indeed leaves a backdoor for predecessors.

ME News says that although Powell’s reappointment approach is unusual, he will behave discreetly during his term on the board and will not become a “shadow chairman” to challenge Waller. If he lives up to his word, he may return to the FOMC and express a mild view on interest-rate issues. Although he will no longer lead policy, due to his 14-year board tenure and the structural mismatch, he still has influence over the Federal Reserve’s future. If Powell steps down, Trump could have nominated Waller to take over the remaining term and reserved a seat for a potential nominee, but in reality, Waller can only fill the Milan seat.